I think you may be missing 2 things: 1. Their guidance for FY23 suggests they're standing still at best 2. This is on the back of the Lion acquisition, revenues and synergies etc that should be kicking in and leading to increasing EBITDA don't seem to be to the level expected
So I'm not sure the market is going to be all that thrilled to be bidding up a business with a bit of debt still on the books, a less than stellar PE, modest dividends and little prospect of profit growth through FY23.
But it's already taken a hit. May get a relief rally that the news isn't worse but as someone who was genuinely interested in buying here I'm filthy that some punters seem to have got a head start on the news.
It's put me right off, I hope they find and prosecute anyone who has done the wrong thing but I'm not holding my breath.
BGA Price at posting:
$3.55 Sentiment: None Disclosure: Not Held
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